Kuldo Suites
702-730 Kuldo Blvd, Kitimat
Sold for $10,998,000
$10,998,000
Sale Price
80
Apartment Units
1957
Year Built
$137,475
Price Per Unit
DESCRIPTION
Kuldo Suites is located at 702 – 730 Kuldo Blvd, Kitimat in a well-established residential neighbourhood. The apartment complex has 8 buildings with 80 apartment units on 4.77 acres of land.
Built in 1957, each strata-titled building contains 10 units. All units have 2-bedrooms and 1-bathroom. Four buildings were fully renovated. Two buildings were retrofitted and improved. Two buildings were vacant and in need of renovation.
Kitimat is one of the fastest-growing communities in Canada. It is home to LNG Canada, the largest private infrastructure project in Canadian history. As a result, more than 7,500 workers are streaming to the community, not to mention countless other to provide ancillary services. Thousands will be need of rental accommodations. Kitimat’s population will double.
Kuldo Suites is one of very few successful apartment building transactions in Kitimat. For further details, call Seth at (778) 235-9293.
SPECIFICATIONS
Property Type · Apartment Building
Lot Size · 4.77 Acres
Rentable Area · 64,000 Sq Ft
Suite Mix · 80 x 2-Bedroom
Parking · 80 Surface Spaces
HIGHLIGHTS
Renovated and Retrofitted Buildings
Excellent Location in Central Kitimat
Walking Distance to Many Local Amenities
Booming LNG Market
LOCATION
702-730 Kuldo Boulevard
Kitimat BC V8C 1V9
ABOUT THE DEAL
HOW WE DID IT
By request of the seller, the property was listed on MLS. WE wanted to ensure maximum exposure, inside our multifamily network and beyond. The property was also featured on multifamily.ca.
We engaged in a focused and systematic approach to contact all the top investors in the north. We specifically focused on investors who understood energy markets. Most were based in the Calgary area and familiar with the Kitimat LNG project. In the end, the property was sold without a buyer’s representative. We worked directly with the purchaser and their lawyer.
WHAT WE LEARNED
After carefully tracking online “views”, leads, and inquiries, eleven times more market activity came from our website compared with MLS. This was a shocking revelation! We always knew that most of our leads came from our own marketing. However, we were surprised by the extent. For every lead from MLS, we got 11 leads from our own website.
As a result of this double exposure, the effort to get multiple bids worked. Due to the competition between buyers, the property was sold for more than asking price.